Go­ing, go­ing, gone

The Star Malaysia - - Nation -

For­tune mag­a­zine sold to Thai busi­ness­man.

loS an­Ge­leS: Mered­ith has inked a deal to sell the For­tune busi­ness­me­dia brand for US$150mil (RM630mil) in cash to Thai busi­ness­man Chatchaval Jiar­a­vanon.

The deal, sub­ject to reg­u­la­tory ap­proval, is ex­pected to close by the end of 2018. The sale of the 88-yearold For­tune brand comes af­ter Mered­ith on Oct 31 closed on the sale of Time to Sales­force founder Marc Be­nioff and his wife, Lynne Be­nioff, for US$190mil (RM798mil).

Alan Murray, for­merly chief con­tent of­fi­cer of Time Inc, will be­come pres­i­dent and CEO of For­tune.

Clifton Leaf will con­tinue as edi­tor-in-chief. Un­der the new own­er­ship, For­tune will con­tinue to be based in New York City and the group is seek­ing new of­fice space.

Cur­rently, 170 em­ploy­ees are as­so­ci­ated with For­tune.

Ac­cord­ing to Murray, the full staff will be com­ing over in the tran­si­tion to the newly es­tab­lished Jiar­a­vanon-owned For­tune Me­dia Group Hold­ings Ltd.

Murray said he was in­tro­duced to

Jiar­a­vanon through a mu­tual ac­quain­tance: Bob Nardelli, for­mer CEO of Chrysler and Home De­pot.

The deal came to­gether in 21 days, Murray said.

“He’s a very charm­ing man,” Murray said about Jiar­a­vanon.

“He cares a lot about the For­tune brand, and be­lieves it can be a big­ger global me­dia brand than it is to­day.”

Specif­i­cally, the Thai busi­ness mogul is in­ter­ested in build­ing up For­tune’s Hong Kong of­fice. “He’s very in­ter­ested in the China part of the busi­ness,” Murray said.

Af­ter Mered­ith closed its US$1.85bil (RM7.7bil) acquisition of Time Inc. in Jan­uary, the com­pany said it would sell Time Inc’s news and sports brands – Time, Sports Il­lus­trated, For­tune and Money – as well as its in­vest­ment in ad-tech com­pany Viant Tech­nol­ogy to fo­cus on lifestyle and en­ter­tain­ment brands like Peo­ple and En­ter­tain­ment Weekly cater­ing to its core au­di­ence of Amer­i­can women. Mered­ith said it ex­pects to an­nounce deals for SI and Money soon.

For­tune was founded in 1930 at the be­gin­ning of the Great De­pres­sion. Since then For­tune has evolved from a tra­di­tional print mag­a­zine into a global mul­ti­plat­form, mul­ti­me­dia busi­ness that in­cludes the monthly mag­a­zine with mul­ti­ple in­ter­na­tional edi­tions; a dig­i­tal news and video plat­form that reaches an aver­age monthly au­di­ence of nearly 20 mil­lion; and a live-event se­ries.

— AFP

Done deal: Jiar­a­vanon agreed to buy ‘For­tune’ mag­a­zine for US$150mil (RM630mil) in the lat­est deal for ti­tles from the for­mer Time Inc fam­ily.

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